UPDATE 1-Mexico's Urbi shares fall nearly 10 pct on weak report
MEXICO CITY Feb 28 (Reuters) - Shares of Mexican homebuilder Urbi fell nearly 10 percent on Thursday, as investors sold off stock after the company reported a lower fourth-quarter profit.
The company reported a 63 percent drop in fourth-quarter profit after the market closed on Wednesday, due to a slump in sales and higher financing costs.
On its analysts' call, the company said it is moving ahead with plans to refinance its debt.
Mexican homebuilders have suffered as a result of a change in government housing policy aimed at combating urban sprawl that many see as harmful to companies like Urbi.
Urbi shares, which have fell about 43 percent since the start of the year, were down 9.87 percent on Thursday at 4.29 pesos.
- Washington state teen shooter's family living in 'nightmare'
- Suspect in two California deputy deaths charged with murder, carjacking
- U.S. nurse quarantined over Ebola criticizes her treatment |
- Iraqi security forces and Kurds gain ground against Islamic State
- Police seek motive in fatal Washington state school shooting